Nigeria’s inflation rises to 28.20% in November — NBS

Nigeria’s headline inflation rate rose to 28.20 per cent in November from 27.33 per cent in October 2023, the National Bureau of Statistics said in its November consumer price index report.

The figure presents the Eleventh times’ hike in Nigeria’s inflation headline inflation rates in 2023.

The November inflation rate showed an increase of 0.87 per cent points compared to the October 2023 headline inflation rate.

When compared to November 2022, the year-on-year headline inflation rate was notably higher, marking an increase of 6.73% points from the 21.47% recorded in the same month the previous year.

Additionally, on a month-on-month basis, the inflation rate for November 2023 was 2.09%, showing a 0.35% increase from the October 2023 rate of 1.73%. This implies that the rate of average price level increase in November 2023 exceeded that observed in October 2023.

The implication is that in November 2023, the rate of increase in the average price level is more than the rate of increase in the average price level in October 2023.

Also, the report indicated that the Food inflation rate in November 2023 was 32.84 per cent on a year-on-year basis, 8.72 per cent points higher than the rate recorded in November 2022 (24.13 per cent).

The rise in food inflation on a year-on-year basis was caused by increases in the prices of Bread and cereals, Oil and fat, Potatoes, Yam and other Tubers, Fish, Fruit, Meat, Vegetables and Coffee, Tea and Cocoa.